TCREUR_Public/101108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 8, 2010, Vol. 11, No. 220

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Creditor Committee Backs Banks' AE&E Proposal


F R A N C E

RENAULT SA: S&P Raises Corporate Credit Rating to 'BB+'


G R E E C E

WIND HELLAS: U.K. Court Approves Senior Bondholders as Bidders


I R E L A N D

CORDUSIO SME: S&P Cuts Ratings on Two Classes of Notes to 'B-'
MCINERNEY HOLDINGS: Banks Should Be Given Property Valuations


I T A L Y

EUROHOME MORTGAGES: S&P Cuts Rating on Class D Notes to CCC (sf)


K A Z A K H S T A N

KAZAGROGARANT JSC: S&P Affirms 'BB-' LT Issuer Credit Rating


R U S S I A

FAR EAST: Moody's Withdraws 'Ba3' Corporate Family Rating


T U R K E Y

BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'


U N I T E D   K I N G D O M

BETA FINANCE: Moody's Withdraws 'C' Rating on Note Program
CONNAUGHT PLC: Scale of Debt Could Rise Up to GBP100 Million
EMI GROUP: Terra Firma Loses Citigroup Case Over 2007 Buyout
EUROPEAN PRIME: Fitch Lowers Rating on Class D Notes to 'Dsf'
FARRINGDON MORTGAGES: Fitch Affirms Bsf Rating on Class B2a Notes

RB FARQUHAR: In Administration; 112 Jobs at Risk


X X X X X X X X

* BOND PRICING: For the Week November 1 to November 5, 2010




                         *********


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A U S T R I A
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A-TEC INDUSTRIES: Creditor Committee Backs Banks' AE&E Proposal
---------------------------------------------------------------
Zoehu Schneeweiss at Bloomberg News reports that A-Tec Industries
AG's creditor committee "broadly accepted" a proposal by the AE&E
power-plant unit's lending banks on financing the division.

The committee -- which consists of Austria's attorney general,
three trustees for A-Tec's bondholders and the creditor-protection
associations Kreditschutzverband von 1870, Alpenlaendischer
Kreditorenverband and Creditreform -- met Thursday in Vienna,
Bloomberg says, citing a statement from KSV, a member of A-Tec's
creditor committee.

As reported by the Troubled Company Reporter-Europe on Nov. 5,
2010, Bloomberg News, citing a member of A-Tec's creditor
committee, said lenders to A-Tec's power plant AE&E unit asked for
a stake as collateral in exchange for a bridge loan intended to
keep the unit operating.  "The banks would like to have 40% of
AE&E as a security for the loan," Wolfgang Hrobar of creditor
protection association Alpenlaendischer Kreditorenverband said on
the phone from Vienna, according to Bloomberg. Bloomberg disclosed
two groups of creditors are in talks about restructuring A-Tec's
debt since the group filed for insolvency on Oct. 20.   Bloomberg
said rescuing AE&E is crucial for A-Tec and its creditors.  The
unit, which builds power plants for clients such as utilities or
steel makers, is A-Tec's biggest unit with 60% of the group's
revenue and 83% of pretax profit in 2009, Bloomberg stated.
Failure to keep it afloat would diminish the funds for creditors,
Bloomberg noted.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Bloomberg News, citing Wirtschaftsblatt, said that creditors
of A-Tec's AE&E unit offered a EUR97 million (US$136 million)
bridge financing facility until Jan. 31.  Bloomberg disclosed the
newspaper said A-Tec's creditor committee had asked for EUR140
million.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors.  The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,
Austria.


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F R A N C E
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RENAULT SA: S&P Raises Corporate Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating and debt ratings on French
automaker Renault S.A. to 'BB+' from 'BB' and affirmed its 'B'
short-term corporate credit rating on the company.  Standard &
Poor's also raised its long- and short-term counterparty credit
ratings on Renault's fully owned financing subsidiary RCI Banque
to 'BBB/A-2' from 'BBB-/A-3'.  The long-term rating on Renault and
all ratings on RCI Banque were removed from CreditWatch, where
they had been placed with positive implications on Oct. 8,
2010.

S&P's recovery ratings on Renault's unsecured notes remain at '3',
indicating Standard & Poor's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

"The upgrade reflects the improvement in Renault's credit metrics
following the company's sale of its Volvo B shares for EUR3
billion," said Standard & Poor's credit analyst Barbara
Castellano.  "S&P understands that Renault will use the proceeds
to reduce its outstanding gross industrial financial debt."

At year-end 2009, Renault's reported net industrial financial debt
was EUR5.9 billion, which will be halved with the sale of the
Volvo shares, to about EUR2.9 billion.  In S&P's opinion, this
sale is a positive move to improve Renault's financial risk
profile, and also shows the company's commitment to implementing a
more conservative financial policy.  Moreover, S&P believes that
Renault's good operating performance will enable it to generate
free operating cash flow and deleverage further.

The first-half 2010 consolidated operating margin was 4%, versus -
3.9% in first-half 2009, and the auto division's margin was 2.2%,
versus -5.8%.  In the same period, Renault generated robust cash,
reporting EUR1.4 billion of free cash flow, and the company
recently stated that it expects to generate EUR700 million of free
cash for the full year.

S&P believes that Renault will materially improve its credit
metrics in 2010, benefiting from both good operating performance
and the sale of its noncore holding in Volvo.

"S&P estimates that, from now on, Renault will achieve funds from
operations to debt of about 25%, which S&P views as commensurate
with a 'BB+' rating," said Ms. Castellano.  "For 2010, S&P
believes that Renault could even exceed this ratio."

S&P could lower the ratings if Renault's industrial operating
profitability deteriorates from its already low single-digit
level, or if free operating cash flow turns materially negative.
This could come about in the event of weaker-than-expected market
conditions in the auto market, particularly in Europe, or a loss
of competitiveness for Renault with respect to its peers.

In contrast, S&P could raise the ratings if S&P see a structural
improvement in profitability in absolute terms and lower
volatility in Renault's industrial activities, which, in turn,
would enable the company to generate sustainably stronger earnings
from car sales.  In addition, a reduction of Renault's dependence
on the European market would be beneficial in S&P's view.  Since
S&P believes that this scenario would likely emerge only in the
medium term, S&P does not consider a near-term upgrade to be
likely.


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G R E E C E
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WIND HELLAS: U.K. Court Approves Senior Bondholders as Bidders
--------------------------------------------------------------
Lindsay Fortado and Kate Haywood at Bloomberg News report that
Wind Hellas Telecommunications SA's senior bondholders were
approved by a London court as the bidders that should decide the
outcome of the company's second restructuring in a year.

Bloomberg relates Judge Guy Newey at the High Court of Justice on
Thursday approved that choice and said the London court was the
right one to oversee the restructuring.

According to Bloomberg, Judge Newey also said Wind Hellas could
hire either Alistair Beveridge or Simon Appell, from the
restructuring firm Zolfo Cooper, to represent the company in U.S.
court proceedings.

As reported by the Troubled Company Reporter-Europe on Oct. 20,
2010, Bloomberg News that Wind Hellas's senior bondholders were
picked as preferred bidders for the Greek mobile phone operator in
the second time the company has been sold in a year.  Wind
Hellas's senior secured floating-rate noteholders, owed about
EUR1.2 billion (US$1.67 billion), will inject EUR420 million and
write off debt in exchange for the company, Bloomberg said, citing
Wind's parent Weather Finance III Sarl, the holding company of
Egyptian billionaire Naguib Sawiris.  Weather Finance said in a
statement that under the bondholders' proposal, Wind Hellas's
GBP250 million-revolver will be repaid in full, while the
company's senior secured notes and EUR355 million of subordinated
bonds will be written off, according to Bloomberg.  Bloomberg
noted the statement said the bondholder group includes Mount
Kellett Capital Partners (Ireland) Ltd., Taconic Capital Advisers
UK LLP, Providence Equity Capital Markets LLC, Anchorage Capital
Group LLC, Angelo Gordon & Co and Eton Park International LLP.

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 25,
2010, Fitch Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long term Issuer Default rating to 'RD'
from 'C'.  Fitch said the downgrade follows the company's
announcement of the selection of a preferred bidder in the
restructuring of the company's capital base following the
Standstill Agreement entered into with its lenders on June 30,
2010.


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I R E L A N D
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CORDUSIO SME: S&P Cuts Ratings on Two Classes of Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on seven classes of
Cordusio SME 2008-1 Ltd.'s notes.

The rating actions follow a review of the credit quality of the
reference pool underlying the transaction.  Over the course of
2010, the reference portfolio has experienced a significant
increase in the number of credit events.  This trend has continued
in Q3, with the cumulative total of assets with credit events
reaching 4.29% of the initial balance.

The transaction documents allow for a significant work-out period
between a credit event and the allocation of losses to the
transaction.  Due to this time lag, no losses have yet been
allocated.

S&P's analysis indicates that the credit enhancement available
across the structure will be significantly reduced once the
outstanding credit events are allocated as losses.  S&P has
lowered its ratings to reflect these lower levels of credit
enhancement.

The transaction benefits from a synthetic excess-spread mechanism,
which provides for 30 basis points per year of the performing
reference balance to be available to offset protection payments.
However, this is available only on a "use or lose" basis and does
not accumulate in the transaction.  S&P's analysis indicates that
synthetic excess spread is unlikely to be available in amounts
sufficient to offset the currently outstanding credit events.

In addition to the assets for which a credit event has been
declared, a significant share of assets in the reference pool have
a UniCredit Corporate Banking SpA internal rating of 'Default'.
S&P expects that a large proportion, if not all, of these assets
will also be subject to credit events.  S&P has placed its ratings
in the transaction on CreditWatch negative, and will evaluate the
impact of these potential credit events once more data become
available.

Cordusio SME 2008-1 is a partially funded synthetic balance sheet
collateralized loan obligation, referencing a portfolio of bank
loans granted by UCCB to its small and midsize enterprise clients
in Italy.

                           Ratings List

                     Cordusio SME 2008-1 Ltd.
       EUR481.646 Million Floating-Rate Credit-Linked Notes

        Ratings Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
           Class     To                       From
           -----     --                       ----
           A         AA (sf)/Watch Neg        AAA (sf)
           B         A (sf)/Watch Neg         AA (sf)
           C         BBB- (sf)/Watch Neg      A (sf)
           D         BB- (sf)/Watch Neg       BBB (sf)
           E         B (sf)/Watch Neg         BB+ (sf)
           F1        B- (sf)/Watch Neg        BB (sf)
           F2        B- (sf)/Watch Neg        BB (sf)


MCINERNEY HOLDINGS: Banks Should Be Given Property Valuations
-------------------------------------------------------------
Vivion Kilfeather at The Irish Examiner reports that Mr. Justice
Frank Clarke has directed that three banks opposed to a rescue
scheme for McInerney building group should be given information
about valuations on properties of the company.

The Irish Examiner relates at the High Court on Thursday, Mr.
Justice Clarke directed that information including independent
valuations of property owned by the McInerney construction group
carried out at the request of examiner to the group, William
O'Riordan, be released to the banking syndicate owed more than
EUR114 million who are opposing a further extension of the
examinership.

The syndicate comprises Bank of Ireland, KBC and Anglo Irish Bank,
The Irish Examiner discloses.

The Irish Examiner says the material outlines valuations put on
McInerney properties by auctioneers Lisney.  Those properties form
part of the proposed survival scheme aimed at allowing the company
to exit examinership and continue to trade as a going concern, The
Irish Examiner notes.

The judge also directed that replies from the examiner addressing
matters raised by the judge when the company initially applied for
the protection of the courts from its creditors should also be
furnished to the banks, The Irish Examiner states.

According to The Irish Examiner, the judge also expressed his
concern about what he described as shadow boxing between the sides
involved in the examinership.  The judge expressed his fear that
matters in this examinership could become complicated, The Irish
Examiner notes.  Should that be the case, in a situation where
time was of the essence, the court would not be in a position to
decide if it can approve any scheme of arrangement to ensure the
group's survival before Christmas, The Irish Examiner says.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2010, Irish Examiner said that the High Court extended protection
to the McInerney building group until Nov. 2.  Irish Examiner
disclosed Mr. Justice Frank Clarke said gave Mr. O'Riordan, until
Oct. 29 to come up with a full scheme for survival of the group
comprising McInerney Holdings, McInerney Homes, McInerney
Construction Holdings, McInerney Contracting and McInerney
Contracting Dublin, which have combined debts of EUR200 million.
The court heard the examiner believed the group had a reasonable
prospect of survival based on investment proposals from Oaktree,
according to Irish Examiner.  Mr. Justice Clarke, as cited by
Irish Examiner, said the examiner's latest report found there was
a realistic possibility at this stage that Oaktree is willing to
put up sufficient sums which is said to be greater than what would
be realized in a situation of insolvency.

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties.  The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area.  Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes.  As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.


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I T A L Y
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EUROHOME MORTGAGES: S&P Cuts Rating on Class D Notes to CCC (sf)
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Eurohome (Italy) Mortgages S.r.l.'s class D notes.  At the same
time, S&P lowered and placed on CreditWatch negative its ratings
on the class C notes and placed on CreditWatch negative its
ratings on the class A and B notes.

The rating actions follow S&P's opinion that the performance of
the transaction's collateral has continued to deteriorate, since
the deal was reviewed and rating actions were taken in May 2009.
Total arrears have increased to 27.58% from 24.04% in May 2009 and
90+ days arrears have reached 19.00%, which is significantly
higher than the May 2009 figure of 13.47%.

In addition, S&P has seen an increase in cumulative defaults which
were at 11.53% as of August 2010.  This has led to the breach of
the unrated class E deferral trigger and these notes, which are no
longer receiving interest.  The interest deferral trigger for the
class D notes is at 13.5% and S&P believes that given the speed of
additional defaults, this may be breached in the near future.  S&P
is therefore lowering the rating on the class D notes to 'CCC
(sf)'.

The high level of defaults has, in S&P's view, led to a
considerable principal deficiency ledger balance.  As of August
2010, the aggregate amount was EUR19,454,305 in the transaction's
PDLs.  Both the class E and D notes' PDLs have reached the level
of nominal notes outstanding, with a total of EUR2,089,780 already
reported in the PDL for the class C notes.  The interest deferral
trigger for the class C notes is 19.5% and S&P believes that the
likelihood of cumulative defaults reaching that level has
increased.  This coupled with the PDL balance for the class C
notes, supports S&P's rating action to downgrade these notes to
'BB (sf)' and to place them on CreditWatch negative.

S&P will continue to monitor the performance of the transaction
and look to resolve the CreditWatch placements in a timely manner.

Eurohome (Italy) Mortgages S.r.l. is an Italian residential
mortgage-backed security transaction with loans originated by
Deutsche Bank Mutui Spa.  The transaction closed in December 2007.

                           Ratings List

EUR260.85 Million Residential Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                  Rating
                                  ------
        Class          To                           From
        -----          --                           ----
        D              CCC (sf)                     B (sf)

        Ratings Lowered and Placed on CreditWatch Negative

                                 Rating
                                 ------
       Class          To                           From
       -----          --                           ----
       C              BB (sf)/Watch Neg            BBB (sf)

              Ratings Placed on CreditWatch Negative

                                 Rating
                                 ------
       Class          To                           From
       -----          --                           ----
       A              AAA (sf)/Watch Neg           AAA (sf)
       B              AA- (sf)/Watch Neg           AA- (sf)


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K A Z A K H S T A N
===================


KAZAGROGARANT JSC: S&P Affirms 'BB-' LT Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term and 'B' short-term issuer credit ratings on
KazAgroGarant, as well as the 'kzA-' Kazakhstan national scale
rating.

"The ratings were subsequently withdrawn at KazAgroGarant's
request," said Standard & Poor's credit analyst Boris Kopeykin.
"At the time of the withdrawal, the outlook was stable."

KazAgroGarant is a state-owned niche market guarantee provider
based in the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3; local currency BBB/Stable/A-3; Kazakhstan national
scale 'kzAAA').

At the time of the withdrawal, the ratings on KazAgroGarant
reflected S&P's expectations of a "moderately high" likelihood of
timely and sufficient extraordinary support to KazAgroGarant from
the Kazakh government in case of financial distress, as well as
KazAgroGarant's "weak" stand-alone credit profile, which S&P
assessed at 'b'.

The ratings were constrained by KazAgroGarant's untested and
still-evolving business model; the exposure of its investments to
the Kazakh banking sector; and absence of single-risk limits.

In accordance with S&P's criteria for government-related entities,
its view of a "moderately high" likelihood of extraordinary
government support was based on S&P's assessment of
KazAgroGarant's "limited importance" for the government and "very
strong" link with the Kazakh government.

The 'b' stand-alone credit profile reflected KazAgroGarant's
untested and still-evolving business model, the exposure of its
investments to the Kazakh banking sector, and the absence of risk
limits on a single guarantee (the company has exposure to a single
warehouse that is larger than the company's actual capital).

The stand-alone credit profile incorporated S&P's expectations of
ongoing support from the Kazakh government in the form of capital
injections in the medium term and KazAgroGarant's commitment to a
policy of "no direct debt" and, to date, no calls on its
guarantees, which S&P does not see as debt obligations but as
insurance policies.


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R U S S I A
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FAR EAST: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn Far East Telecom's Ba3
corporate family rating and Aa3.ru national scale rating because
of the company's reorganization and incorporation into the
Rostelecom group.

The reorganization of Rostelecom is expected to involve the merger
of all seven Russian regional telecoms operators (including FET)
into the group in Q1 2011.  From that point, these individual
companies will cease to exist as separate legal entities.

These ratings have been withdrawn:

  -- CFR: Ba3
  -- NSR: Aa3.ru

Moody's previous rating action on FET was implemented on 9 April
2010, when the company was assigned a Ba3 CFR and a Aa3.ru NSR
with a stable outlook.

FET is the leading incumbent fixed-line telecoms operator in the
Far East Federal District of Russia and, following its acquisition
of Sakha Telecom in 2006-2009, the Republic of Yakutia.  The
company is 50.56% owned by Svyazinvest, a state-owned holding
company.  FET reported RUR17.2 billion in revenue during the year
ending December 31, 2009.


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T U R K E Y
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BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed BankPozitif Kredi ve Kalkinma Bankasi
A.S.'s Long-term foreign and local currency Issuer Default Ratings
at 'BBB-', respectively, and its National Long-term rating at
AAA(tur).  The Outlook is Stable.  Fitch has also affirmed
BankPozitif's Short-term foreign and local currency IDRs at 'F3',
its Individual rating at 'D', and its Support Rating at '2'.

Bankpozitif's IDRs, National Long-Term Rating and Support Rating
reflect the support it can expect to receive from its controlling
shareholder, Bank Hapoalim B.M. (Long-Term IDR 'A'/Stable;
Individual Rating 'C'), based on Hapoalim's intrinsic strength.
Bankpozitif's Individual Rating reflects the bank's well-defined
strategic focus, which offset its business model limitations, its
currently strong liquidity, sound capitalization and limited
market risk, as well as the deterioration in its asset quality,
small size and lack of franchise.

The bank's operating profitability was weakened in 2009 by
narrowed margins through lower yields on Turkish lira-denominated
assets funded by equity, and rising loan impairment charges.  The
bank offset some of the reduction in profitability in H110 through
its emphasis on fee and commissions and its continued cost
control.  Loan growth has been slowing down since end-Q408
following rapid development during the previous years.  Asset
quality deteriorated significantly in 2009, reflecting the
contraction in the economy, the seasoning of some of the
portfolio, and the classification of potential problem loans as
non-performing loans.  The deterioration stopped in H110, but the
NPL ratio rose because the loan portfolio reduced in size.  The
NPL ratio remains higher than the sector average, mainly because
of concentrations in the loan portfolio.  Fitch expects asset
quality to improve through both collections and the economic
recovery, as well as preventative measures the bank has taken
against further asset quality deterioration.

The bank is not a deposit-taking institution, and funds itself
mainly from international and domestic capital markets,
increasingly through long-term borrowings, which accounted for 77%
of total funding at end-H110.  As a wholesale funded bank,
refinancing risk is significant.  However, the bank has maintained
sufficient liquidity to meet its commitments on a timely basis,
even in case of any potential difficulty in refinancing its
borrowings.  There were no cumulative liquidity gaps for any time
brackets at end-H110, reflecting the matched maturity structure of
assets and liabilities and a strong capital base, and debt
repayments in 2011 are moderate.  Fitch's eligible capital ratio
was 24.76% at end-H110, reflecting strong capitalization that
would both support future growth and provide a large buffer for
potential risks.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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U N I T E D   K I N G D O M
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BETA FINANCE: Moody's Withdraws 'C' Rating on Note Program
----------------------------------------------------------
Moody's Investors Service announced it has withdrawn its rating of
Income Note Programme issued by Beta Finance Corporation and Beta
Finance Incorporated.

  -- Beta Finance Income Note Programme, Withdrawn (sf);
     previously on July 21, 2008 Downgraded to C (sf)

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.


CONNAUGHT PLC: Scale of Debt Could Rise Up to GBP100 Million
------------------------------------------------------------
Anousha Sakoui and Alistair Gray at The Financial Times report
that the scale of debt at Connaught plc will be greater than
previously thought after administrators found 50,000 invoices that
the company had not accounted for.

According to the FT, management accounts had led administrators
from KPMG to believe that the social housing maintenance arm of
Connaught owed GBP46 million (US$75 million) to unsecured
creditors, on top of the GBP22 million to HMRC.

But after discovering thousands of supplier invoices that had not
been processed or recognized in the creditors' ledger,
administrators believe that the amount owed to unsecured creditors
could rise to as much as GBP100 million, the FT notes.

The FT says there is only GBP600,000 in cash available for the
thousands of unsecured creditors, meaning they are likely to
recover less than one penny on the pound.

Secured lenders to the parent company -- a banking consortium led
by Royal Bank of Scotland whose other members include Lloyds
Banking Group and Bank of Ireland -- are likely to take ownership
of Connaught's other two divisions, Compliance and Environmental,
the FT discloses.

It is yet unclear how much secured lenders -- collectively owed
GBP215 million and which also include private placement
noteholders -- are likely to recover, the FT states.

As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern.  Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, according to Bloomberg.

Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.


EMI GROUP: Terra Firma Loses Citigroup Case Over 2007 Buyout
------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Citigroup has won its courtroom battle with Terra Firma's Guy
Hands over the GBP4.2-billion buy-out of EMI Group in 2007.

The FT relates a New York jury found unanimously for the bank at
the end of a three-week trial that has seen the British private
equity investor trade allegations with David Wormsley, the senior
Citi figure he once counted as his closest friend and adviser.

According to the FT, Terra Firma said it reserved its right to
appeal and would focus on securing a financial restructuring of
EMI with Citi.

The FT says the case could have wider ramifications for Mr. Hands,
who risked his credibility with investors by arguing that he had
depended entirely on three supposed conversations with Mr.
Wormsley to make his bid for EMI.

                          Impact on EMI

Separately, the FT's Mr. Edgecliffe-Johnson and Martin Arnold
report that both sides are still facing painful losses on the buy-
out of EMI and their fates remain locked together in a battle to
decide the future of the British music group.

According to the FT, the impact on EMI will become clearer over
the next five months, as the next test of its ability to meet
covenants in its GBP3 billion of loans from Citigroup comes up at
the end of March.

The FT relates the music group has failed these regular tests for
the past couple of years, but Mr. Hands has been able to keep
control by putting more of his investors' money into the company
as "equity cures", allowing the extra cash to be counted as
profits.

The FT notes it seems unlikely investors will give Mr. Hands more
money in March, making it possible that the business will default
on its debt and be taken over by its only creditor, Citigroup.  If
that happens, the bank is expected to seek a rapid sale of EMI,
probably by splitting it into two parts: music publishing, with
its valuable back catalogue of songs, and recorded music, the
loss-making business of producing new music, according to the FT.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The Financial Times said Mr. Hands told a New York court on
Oct. 19 that it would not have bid for EMI Group in a 2007 auction
had it not been for the alleged advice of a Citigroup banker.  The
FT disclosed Mr. Hands alleged that Mr. Wormsley encouraged Terra
Firma to enter the race for the music company even though the
private equity group preferred to avoid auctions.  Mr. Hands, as
cited by the FT, said suing his closest external adviser had been
"a very, very last resort", arrived at reluctantly only after
negotiations with Citigroup on restructuring EMI failed.  He
reiterated his allegation that Mr. Wormsley told him over the
weekend before the Monday morning bid deadline that Terra Firma
should offer 265p per EMI share because Cerberus, a rival private
equity firm, planned a 262p offer, the FT disclosed.   Citigroup,
the FT said, vehemently disputes the claim, arguing that Mr. Hands
decided to sue only after losing most of his investment in the
deal.

                         Banking Covenants

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and would need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlined strong operational improvements in the business in its
annual report, the gains remained insufficient to satisfy
tightening banking covenants, raising the pressure for a
renegotiation with Citigroup to avoid breaching the terms of the
GBP3.04 billion debt due between 2014 and 2017.  The FT noted that
although it had a provisional commitment from Terra Firma funds to
provide the GBP26.9 million it expected to need for the periods
ending June 30, September 30 and December 31 this year, it
expected "a further significant shortfall" when the covenant is
tested at the end of March 2011.  The FT said EMI could require
"substantially in excess" of the GBP87.5 million in equity cures
injected in 2010.  Further smaller sums may also be required for
the remaining three covenant tests in 2011, the FT stated.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


EUROPEAN PRIME: Fitch Lowers Rating on Class D Notes to 'Dsf'
-------------------------------------------------------------
Fitch Ratings has downgraded European Prime Real Estate No. 1
plc's junior tranche and affirmed the rest:

  -- GBP228.3m class A (XS0225549301) affirmed at 'AAsf'; Outlook
     Negative

  -- GBP16.2m class B (XS0225549566) affirmed at 'BBBsf'; Outlook
     Negative

  -- GBP21.0m class C (XS0225549723) affirmed at 'CCCsf'; assigned
     Recovery Rating 'RR4'

  -- GBP10.8m class D (XS0225550143) downgraded to 'Dsf' from
     'CCsf'; assigned Recovery Rating 'RR5'

The downgrade of the class D reflects a GBP514,919 loan loss
following the liquidation of collateral comprising the Grays
shopping centre.  The centre was sold on 20 October 2010 for a
gross sale price of GBP20.9m.  Following deductions for fees,
costs and expenses, and accrued interest, net debt recovery
proceeds amounted to GBP20.1m, GBP514,919 short of the outstanding
balance on the securitized loan.  The class D notes will suffer a
principal shortfall in the same amount (subject to any potential
reimbursements) at legal maturity, pending which the notes will
not accrue interest on this amount.  The overall shortfall will
not be recoverable in full, which accounts for the 'Dsf' rating.
Across European CMBS structures, there is tension between the
objective of reverse sequential loss absorption and the use of
non-sequential principal allocation techniques.  In this deal,
unless certain triggers are in breach, even partial loan
recoveries are eligible for non-sequential pay down, which is not
conventional.  However, there is some mitigation: loan losses are
netted against principal that would have been allocated to a class
of notes had the loan instead paid in full.  In this case, the
GBP514,919 loan loss negates the amount (GBP400,000) that would
otherwise have been paid to class D note holders (who receive no
recoveries as a result).  Similarly investors in the class C notes
have had their allocation reduced (by the excess).  With these
adjustments the outcome for class A and B note holders is as if
the loan had actually redeemed, which, although less favorable
than if the loan loss had triggered reversion to sequential pay of
recoveries (as is common), at least fulfils the basic requirement
of credit enhancement.

Halton Lea Shopping centre was revalued in March 2010 at GBP30.6m,
which represents a 10% increase in value since the last review in
January 2010 (itself based on July 2009 valuation), but
nonetheless a 44% market value decline since closing.  The
securitized portion of the loan has a reported LTV of 108.7%
broadly in line with Fitch's estimate; the reported whole loan LTV
stands at 143.7%.  The special servicer met with the receivers in
June 2010 to discuss the disposal strategy, nothing has been
finalized as of yet.  At the July 2010 IPD the loan had a reported
A-note interest coverage ratio of 1.2x and a whole loan ICR of
0.9x, broadly unchanged.  Vacancy remains high and broadly static
at around 14%.  The special servicer continues to hold all surplus
cash, after interest on the A note, in escrow, with GBP2m
available as of the July 2010 IPD.

Normandy House (2.6% of the portfolio) is secured by a secondary
office property in Basingstoke, in the south east of England, and
is fully let to IBM (rated 'A+'/Stable).  The borrowers failed to
repay the loan in full at maturity on 22 April 2010, prompting
loan acceleration and appointment of an LPA receiver.  An updated
valuation was carried out in May 2010, which reported a 63% MVD
since May 2005, and a 42% MVD versus Fitch's estimate at the last
review.  As a consequence, the loan has an A-note LTV of 163% and
a whole loan LTV of 210%.  The main reason for the reduction in
value is the uncertain reletting prospects once the short 4.2 year
unexpired lease term has elapsed.  At present all surplus cash
(including interest that would normally have been paid to the
junior lender) has been diverted to the senior loan as partial
repayment.  With the cost of funds so low, this helps to offset
the reduction of value as the lease runs off.

Lloyds and St Enoch Shopping Centre loans (together accounting for
85.4% of the pool) remain current and their stable performance has
driven the affirmation of the top three Classes.  The Recovery
ratings on the Class C and D reflect the high likelihood of
additional losses from the Halton Lea and Normandy House loans
(together accounting for 14.6% of the pool), which have been in
special servicing since July 2008 and April 2010 respectively.


FARRINGDON MORTGAGES: Fitch Affirms Bsf Rating on Class B2a Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded three tranches of Farringdon Mortgages
Plc 1 and affirmed all tranches of Farringdon Mortgages Plc 2.
Outlooks have also been revised to Stable from Positive on two
tranches of Farringdon 2, reflecting a reduced likelihood of
upgrades, despite the stabilization in asset performance.
Farringdon is a series of UK non-conforming RMBS transactions.
Each series contains UK residential mortgage loans originated by
Rooftop Mortgages.  Rating actions are listed at the end of this
announcement.

The investor reports for both Farringdon transactions in the last
two quarters have shown arrears stabilizing.  The loans in the
underlying pools are linked to three-month LIBOR, and are
benefiting from current low rates.  In October 2010, the volume of
loans in arrears by more than three months (excluding
repossessions) was 16.4% for Farringdon 1 and 19.3% for Farringdon
2 compared with their peak, 24.2% and 25.6% in Q309, respectively.

The upgrades in Farringdon 1 reflect Fitch's expectations of
further increase in credit support available to the respective
classes.  With the reduction in the number of foreclosed
properties, and the likely decline in losses incurred from the
sale of underlying properties, the reserve fund is expected to
replenish further in the upcoming payment dates.  As of October
2010 the reserve fund of Farringdon 1 stood at 47.4% of its target
amount.  In addition, the recent stabilization in arrears led to
the pro-rata triggers being met in October 2010.  However, should
the loss levels seen in 2008 and 2009 recur Fitch would expect the
reserve fund to be drawn, causing the note amortization to switch
to sequential.  Alternatively as the pool balance decreases the
arrears trigger for the note amortization to revert to sequential
is also more likely to be breached, as each loan in arrears
represents a larger proportion of the remaining pool.

As of October 2010 the reserve fund of Farringdon 2 stood at 43%
of its target amount.  Despite the reduction in losses incurred on
the sale of repossessed properties, in Fitch's view, the presence
of Class A2a detachable coupons means that the replenishment of
the reserve fund will remain slow.  At present the DACs are paying
2.1% margin per annum, and will expire once the Class A2a is paid
in full.  As a fully funded reserve fund is one of the
requirements for the note amortization to switch to pro-rata,
Fitch expects the trigger to remain breached, and note redemption
to remain sequential.  Given the limited availability of excess
spread, Fitch believes it is unlikely that the reserve fund will
reach its target level.  The continued sequential amortization of
the notes will therefore lead to a further increase in credit
enhancement of the notes.

The loans in the underlying pools were predominantly originated in
2004 (Farringdon 1) and 2005 (Farringdon 2).  As of October 2010
37.3% and 49.8% of the outstanding portfolios of Farringdon 1 and
2, respectively, were loans with a CLTV greater than 80%.  As the
underlying loans have seen some house price appreciation since
their origination, at present, the weighted-average loss
severities are expected to remain limited for both transactions.

Although the overall ratio of arrears-to-portfolio outstanding
continues to stabilize across both transactions, the pools may be
subject to adverse selection.  In Fitch's view the loans that are
able to refinance are leaving the pool, while those in arrears
remain within the pool.  In addition, the agency remains cautious
of the adverse characteristics of the underlying loans in both
transactions (loans with high loan-to-value ratios, high portion
of self-certified borrowers, as well as a high number of interest-
only loans).  Fitch believes that the ability of the borrowers to
meet their payments will be put under pressure, once interest
rates begin to rise (expected towards the end of 2011).

The rating actions are:

Farringdon Mortgages No. 1 Plc:

  -- Class M2a (ISIN XS0211300362) upgraded to 'AAAsf' from
     'AAsf'; Outlook Stable; Loss Severity Rating of 'LS-1'

  -- Class B1a (ISIN XS0211301766) upgraded to 'AAsf' from 'Asf';
     Outlook Stable; Loss Severity Rating of 'LS-2'

  -- Class B2a (ISIN XS0211303382) upgraded to 'BBsf' from 'BB-
     sf'; Outlook Stable; Loss Severity rating revised to 'LS-3'
     from 'LS-2'

Farringdon Mortgages No. 2 Plc:

  -- Class A2a (ISIN XS0228709985) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity rating revised to 'LS-3' from 'LS-1'

  -- Class A2a DAC (ISIN XS0228710561) affirmed at 'AAAsf';
     Outlook Stable;

  -- Class M2a (ISIN XS0228711882) affirmed at 'AAsf'; Outlook
     revised to Stable from Positive; Loss Severity rating revised
     to 'LS-2' from 'LS-1'

  -- Class B1a (ISIN XS0228712260) affirmed at 'BBBsf'; Outlook
     revised to Stable from Positive; Loss Severity rating revised
     to 'LS-3' from 'LS-2'

  -- Class B2a (ISIN XS0228712930) affirmed at 'Bsf'; Outlook
     Stable; Loss Severity rating revised to 'LS-3' from 'LS-2'


RB FARQUHAR: In Administration; 112 Jobs at Risk
------------------------------------------------
Jennifer Hill at The Scotsman reports that the directors of RB
Farquhar (Holdings) and three of its subsidiaries appointed Blair
Nimmo and Gary Fraser of KPMG Restructuring as joint
administrators, putting 112 jobs at risk.

According to The Scotsman, the company's hires and storage
divisions, RB Farquhar (Hires) and Simply Self Storage, which
employ 77 and four staff respectively, will continue to trade as
normal while KPMG seeks a buyer.

However, RB Farquhar (Manufacturing) has stopped trading, though
KPMG said "a number of" remaining contracts were expected to be
fulfilled, The Scotsman relates.  It and the holding company
employ 31 staff and, while no redundancies were made on Thursday,
a question mark hangs over those posts, The Scotsman notes.

Turnover plummeted 44.5% to GBP9.6 million this year, resulting in
"substantial" losses, The Scotsman discloses.

Based in Huntly, RB Farquhar (Holdings) produces prefabricated
bathroom pods.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week November 1 to November 5, 2010
-----------------------------------------------------------

Issuer               Coupon    Maturity   Currency    Price
------               ------    --------   --------    -----

AUSTRIA
-------
RAIFF ZENTRALBK        4.500   9/28/2035       EUR     72.29

FINLAND
-------
MUNI FINANCE PLC       1.000   2/27/2018       AUD     66.14
MUNI FINANCE PLC       0.500   9/24/2020       CAD     71.17
MUNI FINANCE PLC       0.250   6/28/2040       CAD     24.00
MUNI FINANCE PLC       0.500   3/17/2025       CAD     56.05
MUNI FINANCE PLC       1.000   6/30/2017       ZAR     67.13

FRANCE
------
AIR FRANCE-KLM         4.970    4/1/2015       EUR     16.63
ALCATEL SA             4.750    1/1/2011       EUR     16.70
ALCATEL-LUCENT         5.000    1/1/2015       EUR      3.44
ALTRAN TECHNOLOG       6.720    1/1/2015       EUR      4.90
ATOS ORIGIN SA         2.500    1/1/2016       EUR     51.90
BNP PARIBAS           10.050   7/24/2012       USD     64.27
CALYON                 6.000   6/18/2047       EUR     50.92
CAP GEMINI SOGET       1.000    1/1/2012       EUR     43.33
CAP GEMINI SOGET       3.500    1/1/2014       EUR     42.52
CLUB MEDITERRANE       6.110   11/1/2015       EUR     17.79
EURAZEO                6.250   6/10/2014       EUR     60.27
FAURECIA               4.500    1/1/2015       EUR     23.69
GROUPE VIAL            2.500    1/1/2014       EUR     21.61
MAUREL ET PROM         7.125   7/31/2014       EUR     16.41
MAUREL ET PROM         7.125   7/31/2015       EUR     13.76
NEXANS SA              4.000    1/1/2016       EUR     63.25
PEUGEOT SA             4.450    1/1/2016       EUR     34.04
PUBLICIS GROUPE        3.125   7/30/2014       EUR     38.81
PUBLICIS GROUPE        1.000   1/18/2018       EUR     48.70
RHODIA SA              0.500    1/1/2014       EUR     48.97
SOC AIR FRANCE         2.750    4/1/2020       EUR     21.62
SOITEC                 6.250    9/9/2014       EUR      9.42
TEM                    4.250    1/1/2015       EUR     56.07
THEOLIA                2.700    1/1/2041       EUR     11.78
VALEO                  2.375    1/1/2011       EUR     47.05
ZLOMREX INT FIN        8.500    2/1/2014       EUR     64.00
ZLOMREX INT FIN        8.500    2/1/2014       EUR     64.00

GERMANY
-------
DEUTSCHE BK LOND       0.500   8/25/2017       BRL     55.06
DEUTSCHE BK LOND       3.000   5/18/2012       CHF     66.13
ESCADA AG              7.500    4/1/2012       EUR     17.99
HSH NORDBANK AG        4.375   2/14/2017       EUR     70.06
L-BANK FOERDERBK       0.500   5/10/2027       CAD     51.20
QIMONDA FINANCE        6.750   3/22/2013       USD      3.13
SOLON AG SOLAR         1.375   12/6/2012       EUR     37.38

GREECE
------
ATHENS URBAN TRN       4.851   9/19/2016       EUR     71.92
ATHENS URBAN TRN       5.008   7/18/2017       EUR     69.82
HELLENIC RAILWAY       4.500   12/6/2016       JPY     65.35
HELLENIC REP I/L       2.900   7/25/2025       EUR     52.43
HELLENIC REP I/L       2.300   7/25/2030       EUR     49.96
HELLENIC REPUB         5.250    2/1/2016       JPY     74.79
HELLENIC REPUB         5.200   7/17/2034       EUR     64.10
HELLENIC REPUB         6.140   4/14/2028       EUR     72.67
HELLENIC REPUB         5.000   3/11/2019       EUR     70.68
HELLENIC REPUB         5.000   8/22/2016       JPY     67.67
HELLENIC REPUBLI       6.000   7/19/2019       EUR     70.23
HELLENIC REPUBLI       4.600   7/20/2018       EUR     64.35
HELLENIC REPUBLI       4.500   9/20/2037       EUR     55.57
HELLENIC REPUBLI       4.300   7/20/2017       EUR     65.63
HELLENIC REPUBLI       5.900   4/20/2017       EUR     71.84
HELLENIC REPUBLI       3.600   7/20/2016       EUR     66.33
HELLENIC REPUBLI       3.700   7/20/2015       EUR     70.97
HELLENIC REPUBLI       5.300   3/20/2026       EUR     63.68
HELLENIC REPUBLI       4.600   9/20/2040       EUR     55.53
HELLENIC REPUBLI       4.700   3/20/2024       EUR     61.62
HELLENIC REPUBLI       6.250   6/19/2020       EUR     71.48

IRELAND
-------
AIB MORTGAGE BNK       5.000   2/12/2030       EUR     71.78
AIB MORTGAGE BNK       5.000    3/1/2030       EUR     71.73
ALLIED IRISH BKS      10.750   3/29/2017       USD     65.38
ALLIED IRISH BKS      10.750   3/29/2017       EUR     66.06
ALLIED IRISH BKS      12.500   6/25/2019       GBP     64.46
ALLIED IRISH BKS      11.500   3/29/2022       GBP     61.93
ALLIED IRISH BKS       7.875    7/5/2023       GBP     69.24
ALLIED IRISH BKS       5.250   3/10/2025       GBP     51.85
ALLIED IRISH BKS      12.500   6/25/2019       EUR     65.86
ANGLO IRISH BANK       4.000   4/23/2018       EUR     65.91
BANK OF IRELAND        4.875   1/22/2018       GBP     66.08
DEPFA ACS BANK         4.900   8/24/2035       CAD     63.45
DEPFA ACS BANK         0.500    3/3/2025       CAD     34.07
DEPFA ACS BANK         5.125   3/16/2037       USD     75.93
DEPFA ACS BANK         5.125   3/16/2037       USD     75.05
IRISH NATIONWIDE      13.000   8/12/2016       GBP     32.38
IRISH NATIONWIDE       5.500   1/10/2018       GBP     42.46

ITALY
-----
CITY OF TURIN          5.270   6/26/2038       EUR     72.94

LUXEMBOURG
----------
ARCELORMITTAL          7.250    4/1/2014       EUR     29.58
IIB LUXEMBOURG        11.000   2/19/2013       USD     16.49
INTL INDUST BANK       9.000    7/6/2011       EUR     19.00
LIGHTHOUSE INTL        8.000   4/30/2014       EUR     52.75
LIGHTHOUSE INTL        8.000   4/30/2014       EUR     53.17

NETHERLANDS
-----------
APP INTL FINANCE      11.750   10/1/2005       USD      0.01
ARPENI PR INVEST       8.750    5/3/2013       USD     50.38
ARPENI PR INVEST       8.750    5/3/2013       USD     50.38
ASTANA FINANCE         7.875    6/8/2010       EUR     12.97
BK NED GEMEENTEN       0.500   2/24/2025       CAD     55.65
BRIT INSURANCE         6.625   12/9/2030       GBP     68.46
DGS INTL FIN BV       10.000    6/1/2007       USD      0.01
ELEC DE CAR FIN        8.500   4/10/2018       USD     56.78
INDAH KIAT INTL       12.500   6/15/2006       USD      0.01
IVG FINANCE BV         1.750   3/29/2017       EUR     74.56
NATL INVESTER BK      25.983    5/7/2029       EUR     32.00
NED WATERSCHAPBK       0.500   3/11/2025       CAD     55.65
RABOBANK               6.900    6/6/2017       RUB     92.29
TJIWI KIMIA FIN       13.250    8/1/2001       USD      0.01

NORWAY
------
EKSPORTFINANS          0.500    5/9/2030       CAD     44.55
KOMMUNALBANKEN         0.500   9/24/2014       BRL     71.65

POLAND
------
REP OF POLAND          2.648   3/29/2034       JPY     65.05
REP OF POLAND          3.300   6/16/2038       JPY     72.00

PORTUGAL
--------
METRO DE LISBOA        4.061   12/4/2026       EUR     75.59
PARPUBLICA             3.567   9/22/2020       EUR     72.53
PORTUGUESE OT'S        4.100   4/15/2037       EUR     69.46

RUSSIA
------
ACBK-INVEST            8.000   4/14/2011       RUB     75.00
AGROKOM GROUP         10.000   6/21/2011       RUB     75.00
APK ARKADA            17.500   5/23/2012       RUB      0.38
ARKTEL-INVEST         12.000    4/9/2012       RUB      1.00
BANK SOYUZ             7.750    5/2/2011       RUB     75.00
BANK SOYUZ             9.500   2/23/2011       RUB     75.00
BARENTSEV FINANS      20.000    7/4/2011       RUB      1.10
CHTPZ                  8.000   4/21/2015       RUB     75.00
DVTG-FINANS           17.000   8/29/2013       RUB      9.00
EUROKOMMERZ           16.000   3/15/2011       RUB      0.01
FINANCEBUSINESSG      12.500   6/22/2011       RUB     75.00
GLAVSTROY-FINANS       1.000   3/17/2011       RUB     75.00
GRACE DIAMOND         15.000    6/7/2012       RUB     75.00
IART                  12.000    8/4/2013       RUB      6.00
IAZS                  11.000   12/8/2010       RUB      2.01
INPROM                 9.500   5/18/2011       RUB     53.01
INVESTTORGBANK         9.500   10/8/2012       RUB     75.00
IZHAVTO               18.000    6/9/2011       RUB     11.31
LLC VICTORIA FIN       8.000   2/12/2013       RUB     75.00
LR-INVEST             13.750   7/17/2012       RUB     75.00
M-INDUSTRIYA          14.250   7/10/2013       RUB     55.00
M-INDUSTRIYA          12.250   8/16/2011       RUB     30.00
MACROMIR-FINANS        7.750    7/3/2012       RUB      0.18
MAGNIT OJSC            8.250    9/9/2013       RUB     75.00
MAGNIT OJSC            8.250    9/9/2013       RUB     75.00
MAIN ROAD OJSC        10.200    6/3/2011       RUB     75.00
MIG-FINANS             0.100    9/6/2011       RUB      2.01
MIRAX                 14.990   5/17/2011       RUB     21.00
MIRAX                 17.000   9/17/2012       RUB     27.04
MOSKOMMERTSBANK        1.000   6/12/2013       RUB     75.00
MOSMART FINANS         0.010   4/12/2012       RUB      2.00
MOSOBLGAZ             12.000   5/17/2011       RUB     72.50
MOSOBLTRUSTINVES      20.000   3/26/2011       RUB      6.99
MY BANK               10.000    8/7/2012       RUB     75.00
NATIONAL CAPITAL      13.000   9/25/2012       RUB     75.00
NAUKA-SVYAZ           15.000   6/27/2013       RUB     75.00
NEW INVESTMENTS       12.000    7/7/2011       RUB     75.00
NOK                   10.000   9/22/2011       RUB      1.02
NOK                   12.500   8/26/2014       RUB      1.00
NUTRINVESTHOLDIN      11.000   6/30/2014       RUB     25.25
OJSC FCB              11.000    8/7/2012       RUB     75.00
ORENBURG IZHK          9.240   2/21/2012       RUB     75.00
PROM TECH             16.000   4/25/2011       RUB     75.00
PROMNESTESERVICE       9.500   12/5/2014       RUB     75.00
RAF-LEASING           12.500   2/21/2012       RUB     75.00
RAZGULYAY-FINANS      17.000   3/16/2012       RUB     71.01
RYBINSKKABEL           0.010   2/28/2012       RUB      0.50
SAHO                  15.000   5/21/2012       RUB     14.00
SATURN                10.000    6/6/2014       RUB      1.00
SEVENTH CONTINE        9.250   6/14/2012       RUB     11.28
SEVKABEL-FINANS       10.500   3/27/2012       RUB      3.40
SIBUR                 13.500   3/13/2015       RUB     75.00
SOUTHERN STOCK C       9.000   4/29/2014       RUB     75.00
SVOBODNY SOKOL        18.000   5/24/2011       RUB     40.00
TALIO-PRINCEPS        16.000   5/17/2012       RUB     75.00
TECHNONICOL-FINA      13.500   9/11/2013       RUB     75.00
TECHNONICOL-FINA      13.000   9/19/2013       RUB     75.00
TECHNONICOL-FINA      13.000   9/25/2013       RUB     75.00
TECHNOSILA-INVES       7.000   5/26/2011       RUB     45.00
TERNA-FINANS           1.000   11/4/2011       RUB     17.00
TK FINANS             12.600    9/5/2011       RUB     75.00
TRANSNEFT              9.500   10/1/2019       RUB     75.00
TVER VAGONOSTRO        7.000   6/12/2013       RUB     75.00
UNITED HEAVY MAC      13.000   5/31/2013       RUB     75.00
URALELEKTROMED         8.250   2/28/2012       RUB     75.00
VESTER-FINANS         15.250   8/11/2011       RUB      3.41
VKM-LEASING FINA       1.000   5/18/2011       RUB      0.01
VLADPROMBANK          12.000    3/8/2011       RUB     75.00
VMK-FINANCE           16.000   5/21/2014       RUB     75.00
YUGFINSERVICE         15.250   5/20/2014       RUB     75.00
ZHILSOTSIPOTEKA-       9.000   7/26/2011       RUB     75.00

SPAIN
-----
AYT CEDULAS CAJA       3.750   6/30/2025       EUR     73.11
BANCAJA                1.500   5/22/2018       EUR     66.13
BANCAJA EMI SA         2.755   5/11/2037       JPY     46.58
BANCO GUIPUZCOAN       1.500   4/18/2022       EUR     66.22
CAJA CASTIL-MAN        1.500   6/23/2021       EUR     58.18
CEDULAS TDA 6          3.875   5/23/2025       EUR     74.55
CEDULAS TDA A-5        4.250   3/28/2027       EUR     76.52
CEDULAS TDA A-6        4.250   4/10/2031       EUR     71.84
GENERAL DE ALQUI       2.750   8/20/2012       EUR     74.53

SWEDEN
------
SWEDISH EXP CRED       0.500   9/29/2015       BRL     65.30
SWEDISH EXP CRED       9.000   8/12/2011       USD     10.18
SWEDISH EXP CRED       9.000   8/28/2011       USD      9.56

SWITZERLAND
-----------
UBS AG                13.700   5/23/2012       USD     14.30
UBS AG                13.300   5/23/2012       USD      4.09
UBS AG                10.580   6/29/2011       USD     38.23
UBS AG JERSEY          3.220   7/31/2012       EUR     51.27
UBS AG JERSEY          9.450   9/21/2011       USD     50.72
UBS AG JERSEY          9.350   9/21/2011       USD     64.71
UBS AG JERSEY         11.150   8/31/2011       USD     39.70
UBS AG JERSEY         10.360   8/19/2011       USD     52.57
UBS AG JERSEY         10.280   8/19/2011       USD     35.67
UBS AG JERSEY         10.000   2/11/2011       USD     59.90
UBS AG JERSEY         10.650   4/29/2011       USD     15.65
UBS AG JERSEY         11.030   4/21/2011       USD     20.51
UBS AG JERSEY         10.820   4/21/2011       USD     21.35
UBS AG JERSEY         16.160   3/31/2011       USD     42.51
UBS AG JERSEY         12.800   2/28/2011       USD     34.09
UBS AG JERSEY         11.000   2/28/2011       USD     70.04
UBS AG JERSEY         15.250   2/11/2011       USD     11.25
UBS AG JERSEY         16.170   1/31/2011       USD     12.76
UBS AG JERSEY         14.640   1/31/2011       USD     36.44
UBS AG JERSEY         13.900   1/31/2011       USD     34.29

UNITED KINGDOM
--------------
BANK OF SCOTLAND       6.984    2/7/2035       EUR     75.02
BARCLAYS BK PLC       12.950   4/20/2012       USD     24.40
BARCLAYS BK PLC       13.800   5/27/2011       USD     52.08
BARCLAYS BK PLC        7.610   6/30/2011       USD     53.08
BARCLAYS BK PLC        9.500   8/31/2012       USD     29.41
BARCLAYS BK PLC       10.800   7/31/2012       USD     27.21
BARCLAYS BK PLC       10.350   1/23/2012       USD     20.10
BARCLAYS BK PLC        9.250   8/31/2012       USD     34.72
BARCLAYS BK PLC        9.400   7/31/2012       USD     11.07
BARCLAYS BK PLC        8.550   1/23/2012       USD     11.54
BARCLAYS BK PLC       10.650   1/31/2012       USD     41.50
BRADFORD&BIN BLD       5.500   1/15/2018       GBP     45.22
BRADFORD&BIN PLC       7.625   2/16/2049       GBP     48.32
BRADFORD&BIN PLC       6.625   6/16/2023       GBP     45.93
CO-OPERATIVE BNK       5.875   3/28/2033       GBP     76.25
EFG HELLAS PLC         5.400   11/2/2047       EUR     65.13
EFG HELLAS PLC         6.010    1/9/2036       EUR     31.13
ENTERPRISE INNS        6.375   9/26/2031       GBP     72.00
NORTHERN ROCK          5.750   2/28/2017       GBP     75.89
PUNCH TAVERNS          6.468   4/15/2033       GBP     61.96
PUNCH TAVERNS          7.567   4/15/2026       GBP     73.57
RSL COMM PLC          10.125    3/1/2008       USD      1.31
RSL COMM PLC           9.125    3/1/2008       USD      1.31
SKIPTON BUILDING       6.750   5/30/2022       GBP     68.85
SKIPTON BUILDING       5.625   1/18/2018       GBP     73.56
UNIQUE PUB FIN         6.464   3/30/2032       GBP     66.11
WESSEX WATER FIN       1.369   7/31/2057       GBP     33.44


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.



                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, Frauline S. Abangan and Peter A.
Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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                 * * * End of Transmission * * *